Nephila may move to acquire fronts via State National

Fronting carrier State National has acquired the first of two shell
companies that it will use to write business for Bermudian fund
manager Nephila Capital.
Nephila has an option to buy the shell companies in the
three-year period after they begin writing premium, it noted in its
first quarter results last week.
Historically, Nephila has relied on partnerships to source rated
paper to write reinstateable reinsurance. It has major
relationships with Allianz Risk Transfer as well as State National